Brothers, the current price of XRP is $3.117, down 3.12% in the last 24 hours, under pressure along with the entire cryptocurrency market - Bitcoin has dropped below 119,000, Ethereum has fallen below 4,600, mainly due to the U.S. July PPI exceeding expectations. Everyone is afraid that interest rate cuts are not happening, and the entire network has over $1 billion in liquidations, with many long leveraged positions being cleared. Brother Chen is now discussing the latest market dynamics with everyone.

Firstly, there are good signals on-chain: 32.68 million XRP have been withdrawn from exchanges, whales are hoarding, and the number of wallets holding over 1 million coins has broken 2,700, indicating long-term confidence is still decent. On the derivatives side, open interest has risen to 10 billion (an increase of 18% in 24 hours), and the funding rate has turned positive, which shows that the bulls are still holding on and are willing to pay a premium to maintain their positions. However, there are 122 million long positions trapped in the $3.16-$3.31 range, and volatility may increase.

The fundamentals are also quite strong: The 'GENIUS Act' has passed, paving the way for Ripple's cross-border payments; the SEC lawsuit is about to settle, and the fine may be reduced to $50 million, which is a relief. There is also the ETF application from Franklin Templeton, which has been approved in Brazil, and the market speculates a 95% chance of approval before October, which is a big hope.

In terms of operation, Brother Chen suggests opening long positions around 3.085, first looking at 3.146, and if it breaks through, then looking at 3.212. The key is to defend well and not let volatility wipe out the position #xrp .